The kiwi gave back much of post-RBNZ gains amid broad USD strength. Economists at ANZ Bank expect the New Zealand dollar to struggle to outperform from here.

Market trepidation around the growth outlook in NZ

“After rallying sharply after Wednesday’s more hawkish RBNZ, the NZD gave back much of its gains. This likely reflects market trepidation around the growth outlook in NZ, offsetting the RBNZ’s upgraded inflation outlook. Given these concerns, the kiwi may struggle to outperform from here, especially with how much is already priced into the rates curve.”

“Support 0.6230/0.6410 Resistance 0.6545/0.6625/0.6840.”